When a Perfectly Competitive, Well-Functioning Market Is Not in Equilibrium

question 74

Multiple Choice

When a perfectly competitive, well-functioning market is not in equilibrium:

• A) total surplus is not maximized.
• B) any additional changes to make someone better off will make someone else worse off.
• C) the market is efficient.
• D) All of these are correct.

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Definitions:

Review Session

A meeting or period devoted to recapping and discussing content previously covered, often used as preparation for exams or to ensure understanding.

Independent Variable

In an experiment, this is the element that is intentionally varied or adjusted by the scientist to determine its influence on the dependent variable.

Dependent Variable

The variable in an experiment that is expected to change as a result of manipulations of the independent variable.

Inferential Statistic

Statistical methods that allow researchers to make inferences or predictions about a population based on a sample of data from that population.